Tokio Marine closes US$7.5bn HCC acquisitionNovember 2 2015 by InsuranceAsia News Staff
Tokio Marine has officially closed its US$7.5 billion acquisition of Texas-based HCC Insurance, the US insurer said in a statement.
The deal was initiated in June but had to wait for approvals from shareholders and regulators in the US, the UK and Japan.
The deal becomes the biggest M&A deal ever by a Japanese insurer.
Following the closing of the Tokio Marine’s acquisition of HCC, Fitch Ratings immediately downgraded the US insurer’s rating to ‘A’ from ‘A+’, reflecting ownership by a lower-rated parent.
HCC is a specialty insurer with assets of US$11.1 billion and shareholders’ equity of US$3.9 billion.
Earlier reports said the acquisition will benefit HCC in terms of financial support that Tokio Marine will offer.
The acquisition will also allow the Japanese insurer to expand its presence in the US.
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